One reason is cost... analog multipliers are a lot more expensive than diodes and transistors.
Are you approximating sin(x) with x*(pi-x) on the interval [0,pi]?
Here's my go at computing the THD...
For the sine terms one has:
[ integrate(x*(pi-x)*sin(n*x), (x, 0, pi)) for n in range(1,12) ]
[4, 0, 4/27, 0, 4/125, 0, 4/343, 0, 4/729, 0, 4/1331, ...]
or b_n = 4/n^3 for odd n and zero otherwise.
The cosine terms are all zero.
The THD comes out to:
$$
\text{THD} = \sqrt{ \sum_{n=1}^{\infty} \frac{1}{(2n+1)^{6}} } = 0.038...
$$
So about 3.8%.
At 7:26 in this video is a simple A/B comparison in an audio application between a pure sine wave and the quadratic approximation:
Fast and Simple Approximation of Sine Function
https://youtu.be/1xlCVBIF_ig?t=7m26s